On-Q-Ity raised another $5 million from a venture capital backer to add to its $21 million Series A funding round.
The Waltham, Mass.-based oncology diagnostics maker, formed by the merger of Cellective Diagnostics and The DNA Repair Co., said Atlas Venture ponied up for the round, joining MDV-Mohr Davidow, Bessemer Venture Partners, Physic Ventures and Northgate Capital. On-Q-Ity is developing a cancer cell detection and testing platform that uses tumor samples and its proprietary circulating tumor cell technology to detect and monitor treatment-resistant cells for molecular changes. The company claims the technology can deliver real-time data about the course of treatment for cancer patients.
On-Q-Ity said Atlas partner Bruce Booth will join its board of directors, according a press release posted by the PE Hub blog. The company was formed after Cellective Diagnostics and The DNA Repair Co. failed to raise their Series B rounds last summer. Mohr Davidow, which counted the pair in its portfolio, drove the unique merger.
On-Q-ity, which is in large-scale clinical trials and expects to have tests on the market by 2011, will focus on breast and thoracic cancers first, then prostate and other solid tumor cancers. Earlier this month, the firm tapped Gary Palmer, formerly vice president of medical affairs for Genomic Health Inc., as its chief medical officer.